ELMA, N.Y., Nov. 12, 2013 /PRNewswire/ -- Servotronics, Inc. (NYSE MKT – SVT) reported an increase in net income to $358,000 (or $0.16 per share Basic and Diluted) for the third quarter ended September 30, 2013 as compared to a net loss of $144,000 (or ($0.07) per share Basic and Diluted) for the comparable period ended September 30, 2012. Net income for the nine month period ended September 30, 2013 was $1,039,000 (or $0.46 per share Basic and Diluted) as compared to net income for the comparable period ended September 30, 2012 of $225,000 (or $0.10 per share Basic, $0.11 per share Diluted), which represents an approximate 362% increase in net income.
The Company attributes the increase in net income primarily to the previously reported strategic focus on core competencies that led to the 2012 sale of certain underperforming assets and shutdown of certain operations at the subsidiary level. Servotronics continues to strategically position itself through the design and development of new products for new applications/programs across a multitude of industries.
Revenue from continuing operations for the third quarter ended September 30, 2013 was $7,727,000 compared to revenue from continuing operations of $7,516,000 for the comparable period ended September 30, 2012. The increase in revenue is primarily attributable to increased commercial sales at both the Advanced Technology Group (ATG) and Consumer Products Group (CPG). Comparable revenue from continuing operations for the nine month periods ended September 30, 2013 and September 30, 2012 was $23,136,000 and $23,302,000 respectively.
The Company is composed of two groups – the ATG and the CPG. The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications.
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